Although ex-China offers have registered a modest upward movement this week, buyers from the UAE remain cautious and are largely resistant to higher price levels. Market participants report that most buyers continue to negotiate at the lower end of the range, citing comfortable inventory positions, moderate demand, and limited urgency for restocking. With Chinese mills adopting a slightly positive outlook and raising export prices in line with firmer futures, Japanese suppliers have responded strategically by offering at more competitive levels to the UAE market. These lower Japanese offers have captured the attention of several Emirati re-rollers, and a deal is reportedly expected to be finalized within the week.
As a result, offers for Chinese SS400 HRC have been reported at $500-525/mt CFR, up from $500-510/mt CFR last week, for November and December shipments. However, according to market participants, some lower levels are still being heard from non-VAT traders, with offers around $490-500/mt CFR, as they attempt to sustain buying interest in a price-sensitive market.
Meanwhile, Japanese suppliers have adopted a more aggressive pricing strategy, offering material at around $500/mt CFR, down from $510-515/mt CFR in the previous week for December shipment. According to sources, negotiations are currently underway with Emirati buyers, and a deal below the current offer level is expected to be finalized in the coming days.
On the other hand, Indian suppliers have largely maintained their offers, remaining the highest among major origins but without notable success in securing sales. Ex-India offers currently stand at $515-525/mt CFR for November and December shipments.
